According to the lawyer, without a comprehensive crypto market in Russia, the proposed bill is unlikely to be effective.
“There are no requirements for Russian crypto users to declare their cryptocurrency or notify anyone else of their ownership. Only the user, their exchange, and/or their cold wallet know about their assets,” he said.
Tugarin emphasized that there is no regulation of cryptocurrency platforms and exchange services in Russia, and there are no requirements for their operation or the transfer of information.
“Russian courts have no choice but to send their requests to foreign exchanges. If a foreign exchange responds, there is a chance that information about the assets will be included in the court case,” the lawyer explained.
According to Tugarin, even if the bill is passed, its provisions will be applied very rarely and only under certain conditions.
“Otherwise, go to a foreign exchange and ask them to disclose the amount of cryptocurrency owned by the spouse who is being divorced in a Russian court,” Tugarin added.
Without the legalization and clear regulation of cryptocurrency exchanges, exchange services, and digital asset declaration rules, any attempts to incorporate cryptocurrency into the legal framework will be more of a declaration than a reality, the lawyer concluded.
Earlier, Andrey Tugarin said that the Russian market for P2P and online exchange services has been completely deformed, and users will be forced to migrate to other jurisdictions.
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